Nifty trades below 8,150 mark
The Indian stock markets open on a positive note but later pared gains to turn red on Monday. The Nikkei India Manufacturing Purchasing Managers' Index,
or PMI, fell to 49.6 in December from November's 52.3. A reading above
50 indicates economic expansion, while a reading below 50 points toward
contraction.
At 10:49 AM, the S&P BSE Sensex is trading at 26,458 down 168 points, while NSE Nifty is trading at 8,147 down 38 points.
The BSE Mid-cap Index is trading up 0.06% at 12,038, whereas BSE Small-cap Index is trading up 0.52% at 12,109.
Eicher Motors, UltraTech Cement, Ambuja Cements, ACC and BHEL are among
the gainers, whereas HDFC, SBI, Bajaj Auto, Bank of Baroda, ICICI Bank
are losing sheen on NSE.
A total of 12 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.
Out of 1,901 stocks traded on the NSE, 555 declined, 955 advanced and 391 remained unchanged today.
Some buying is observed in realty, media, metal and pharma sectors
while financial services, IT, Bank Nifty, FMCG and auto showing weakness
on NSE.
The INDIA VIX is up 4.63% at 16.1825.
Realty stocks rallied after Prime Minister Narendra Modi announced sops
for low-cost housing on New Year’s eve. The BSE Realty index gained as
much as 2.68 percent while stocks like Unitech (up 5.5%), HDIL (up
3.8%), and DLF (up 3.5%) led the gains.
Asian indices opened in the green with most markets still in holiday
mode. The retracement of the US$ saw currency gains for most countries
which prompted buying in equities. Financials, materials & infra
stocks gained with gold & oil prices seeing profit booking
After a year of negligible gains for the Indian equity market, 2017
starts on hopes that this year will be better in many aspects. During
the year, the Nifty hit a low of 6826 in Feb 2016 then surged to 8969 in
September 2016. Then came a plethora of concerns which reduced the risk
appetite for emerging markets. Trump's US presidential victory,
strengthening of US Dollar and the demonetization drive dominated the
headlines towards the end of the year.
The much-awaited New Year's address by Prime Minister Narendra Modi saw a slew of initiatives being announced which focused on the rural segment, small businesses, women and the banking sector.
The PM highlighted a stark reality that a mere 24 lakh Indians had
declared that they had an annual income of above Rs 10 lakhs.
Bank stocks will be in focus after leading lenders announced a cut in
loan rates. Profit booking is expected at higher levels later in the day
unless global markets keep the momentum going.
The Indian economy remains one of the fastest growing economies as it grew 7.2% in the first half of the current fiscal
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